Aragon: The Potential Game Changer for Blockchain Adoption

2018/11/27/ 16:11

With so many blockchain-based startups popping up, it seems pretty clear that the intention behind each one of them is to make this world more fair for everyone, all the while truly eliminating the concept of borders and third parties. And Aragon is amongst those projects as well, with the intent to decentralize organizations.

Based on the Ethereum blockchain, Aragon is a decentralized app (dApp) and is helping in parting ways with intermediaries and overcoming the border barrier. Thus allowing anyone around the globe to create and maintain a decentralized organization. The team eventually hopes for Aragon to be a completely decentralized and autonomous organization and dApp. Such that it serves as a neutral jurisdiction for anyone looking to create a blockchain based organization.

The Need for Aragon

We know for a fact that the organizations functioning on the traditional system revolve around budgeting and that they have a significant amount designated for administrative functions. Now the problem arises when inter organizational transactions take place, because they give rise to additional fees, delays and the middleman issue. This problem is responsible for the increase of friction in the economy. That is where Aragon comes in, with its vision to ease up that very friction by offering decentralized organizations, which will operate on shared platform.

Most of the organization share similar, if not the same, core administrative functions, like the task of providing equity to the investors, giving shareholders the opportunity to cast their votes on governance decisions, raising money, paying the employees and contractors accordingly, all the while implementing access control for accounting purposes, along with risk purposes as well. All these functionalities come as a standard with the Aragon dApp and are open for any new organization that is built on the network.

Moreover, Aragon has taken over resolving the barriers that barricade the entrance to blockchain technology. It seems that the platform has deciphered some of the main reasons that stops companies from testing out blockchain-powered solutions. One is the lack of expertise.

Considering the fact the blockchain tech is still in its infancy, the experts in the field are a rare commodity, which is why many companies don’t have a blockchain expert in their team. And that meakes it difficult for companies to navigate through the works of the decentralized organization.

And another hurdle comes in the form of hesitance of companies towards the idea of an immutable ledger, which might be powerful but with it, also comes the fear of time-consuming error correction. For example, there is always a possibility of bugs being introduced in code, in case of smart contracts, which is a pretty daunting situation for any organization.

Aragon is working on solutions like easily upgradable software, a bounty hunt mechanism for bugs to incentivize both the finding and fixing of bugs. It is also tackling subjectivity in the case of smart contract breaches.

Aragon’s Functionality

Aragon is offering various core features for its users like,

- A module for the purpose of identity management- Modules for ownership and access control- Module for shareholder voting- Module for the purpose of fund raising via token generation- For HR boarding and payroll- For receivable and payable accounts

What’s important to know is that each of the above-mentioned modules could be turned on and off individually, thus providing prompt customization as per the needs of the company. Other than that, all of the code behind Aragon is open source, which means that the development team of a company could edit them as needed in order to fulfil the company’s requirements.

So it is pretty evident that Aragon is focusing on the critical aspects of accounting, governance, and identity, the fundamentals behind the working of modern day companies.

Customized Modular Features

The modular design of Aragon is not merely limited to the core functionalities only. Just as the companies have the power to revise and alter the existing modules, they also have the luxury to develop totally brand new modules as well. And they are free to go through with the new development on top of the data and structures of the already existing models in order to maximize the functionality.

Digital Jurisdiction

The team behind Aragon is further aiming to construct digital jurisdiction, the first of its kind. As in the case of countries, where they have jurisdiction over their citizens when it comes to courts of law, Aragon wants to follow that system in order to create a digital court of law, however this digital court won’t function on the basis of any particular country boundaries. Instead, it would help implement digital contracts between organizations on the Aragon platform.

The Aragon Coin

The native currency of the Aragon project is ANT and it will be used to influence the governance of the network, once the network officially goes live, that is.

The Aragon Team

Interestingly enough due to Aragon being an open source and non-profit project, it doesn’t exactly have the traditional set of a team. Like there several contributors but technically no specific CEO or CTO. Then how did it all even began? Well it started off with having a project head however, following the decentralized aims of Aragon, the project lead too stepped down.

Aragon is no where near the traditional outlay of teams as that of other blockchain-based platforms, but that is the ultimate goal for Aragon, to not have the need for a team to steer it, rather the developers hope that the support from the community will drive future initiatives.